Chicago wheat rose after the corn
on Thursday the corn market was growing due to the forecast movement of heat in the zone of the "corn belt" of the US, which is very dangerous for the crops at a critical stage of their development. During the day the futures on corn grew by 2.1% to 153,04$/t steel-and-driver warming up the wheat market.
the Market was also surprised by more than predicted, the volume of weekly export sales of wheat in the United States. They reached 669 thousand tons against 250-450 thousand tons, which was expected by the traders. The largest sales growth occurred in the high-protein hard wheat, have risen since the beginning of the season.
Traditional importers of high quality wheat, the U.S. - Japan and Philippines give preference to purchasing from a nearby supplier - Canada. This month, the Philippines bought three batches of canadian spring wheat with delivery in August. While in Canada there are also excessive temperature and rainfall at 50% of normal, which leads to the deterioration of the wheat crop.
September quotes of the American wheat have risen:
- 1.01 $/t to 185,83 $/t for SRW soft winter-wheat in Chicago
- 1.29 $/t to 185,09 $/t for solid winter HRW wheat in Kansas city
September quotes milling wheat on the Paris stock exchange MATIF fell by € 1,00 €/t to 170,25 €/t or 198,10 $/t. the Growth rate of the Euro against the U.S. dollar to a two-year high of 1,166 becomes the main factor of pressure on European prices, which become less competitive compared to the us and the black sea.